The Principle of Considering the Consequences of Actions in the Sharīʽah Standard for Tawarruq Issued by the AAOIFI
أصل اعتبار المآلات في المعايير الشرعية للآيوفي: معيار التورق أنموذجًا
DOI:
https://doi.org/10.31436/ijfus.v7i2.302Keywords:
Consequences of Actions, Legal Standards, Tawarruq, AAOIFIAbstract
The research paper aims to study the principle of considering the consequences of actions in the Sharīʽah standard for tawarruq issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The problem of the paper lies in the extent to which the standard of tawarruq considers the consequences of actions in establishing the legal rulings mentioned in it, and how consistent they are with the consideration of consequences in its rules, regulations, areas, and mechanisms as established by jurists. It is known that the permissibility of various aspects of tawarruq is still a subject of disagreement among scholars, at institutional and individual levels. This study employs inductive and analytical methods as it finds out first the issues and rulings related to the standard of tawarruq which are based on consideration of consequences, then it analyses and evaluates them according to legal maxims on which they are established like sadd al-dharīʽah and ḥiyal and similar maxims which are related to ijtihād. The researchers will also explain and elaborate on rulings of the issues which are based on the principle of consideration of consequences of actions, analyzing and evaluating the ways in which it is used to formulate rulings on issues related to tawarruq. This research is significant as it will help financial institutions on one side, and will contribute on the other side in evaluating, improving, and renewing Islamic financial products by relooking at it at the research level. The researchers found that the standard of tawarruq has been complied with the principle of consideration of consequences and its regulations and maxims in inferring Sharīʽah rulings from it, and that is through formulating regulations and conditions which work to prevent all the means of circumvention and similar forms which are surrounded by doubt of ribā (interest). This proves the importance of this principle in the applied ijtihād and what is related to possibilities and cautions in finance. It seems that actualization of this principle in contemporary Islamic finance is demanded more than any other principle as it is related to financial rights of people.
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